Korean Banks Participate in Government-Initiated Blockchain Project

Asia Blockchain Review
November 2, 2019
Korean Banks Participate in Government-Initiated Blockchain Project

Another four large institutions in South Korea have announced that they will be joining a government-backed blockchain project that will let users store and share personal identification data using a decentralized platform.

More Support for Blockchain Identification System

According to CoinDesk, Shinhan Bank, NH Bank, as well as payment processors BC Card and Hyundai Card are now participating in the program.

Previously announced in July 2019, the project is called the Initial DID Association and now has a total of 11 organizations joining its initiative — including mobile service providers SK Telecom, KT and LG U+; IT firm Koscom; and major firms Samsung Electronics, KEB Hana Bank, and Woori Bank.

The blockchain project is supported by Korea’s Ministry of Science and ICT and the Korea Internet & Security Agency (KISA). It aims to develop a system where users can access their ID stored on blockchain for online transactions and to verify credentials.

Exploring Uses for Decentralized Technology

The project will initially be utilized to process certificates at six Korean higher educational institutions and for test scores. Then, the blockchain ID initiative will be used for loan application submissions, with the overall system to be fully operational in 2020.

In South Korea, many private and public organizations are experimenting with decentralized technology and exploring use cases for blockchain. Recently, the Korea Financial Telecommunications and Clearings Institute (KFTC), an organization overseeing payment settlements, revealed that it aims to introduce its own blockchain-enabled mobile ID solution to be operational within October 2019.

Source: https://www.coindesk.com

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    ESMA Attempts to Create ‘Sound Legal Framework’ for Crypto Assets
    The European Securities and Markets Authority (ESMA) will impose more rules on cryptocurrencies and ...

    January 24, 2020

    Why many Traders are Moving from Forex to Crypto
    This article takes a closer look at the possible reasons for the transition from forex to crypto.

    January 23, 2020

    Tron Founder Justin Sun Opens Up About US$1M Donation to Great Thunberg
    After pledging to donate US$1 million to Swedish environmental activist Greta Thunberg, Tron founder...

    January 23, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us